A New Addition Of A Clause To The MahaRERA’s Model

The real estate sector is one of the most significant sectors of India and works following the Real Estate (Regulation and Development) Act of 2016. Every state is required to establish its own RERA authorities that adhere to the main RERA. Maharashtra, like every other state, has its own RERA authority body, known as MahaRERA (Maharashtra Real Estate Regulatory Authority), which has recently announced some significant changes.

Real estate agents are licensed professionals who assist in the process of property transactions by connecting buyers and sellers.

The state government of Maharashtra recently announced that its MahaRERA model will now include the fees of real estate agents in the property sale agreements. This is a significant update that would change the lives of both buyers and sellers. The addition of a new clause in the MahaRERA model aims to improve the existing model by increasing accountability and transparency between agents, buyers, and sellers.

What Is The New Rule?

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently introduced a new clause, i.e., clause 15A, which now recognises the inclusion of real estate agents' fees (charges, commissions, or remunerations) in the official property sale agreements. Real estate agents benefit greatly from this significant change, as it removes any uncertainty surrounding the fees previously provided by the involved parties.

The new clause in the MahaRERA model will also function as a dispute manager, as it now officially recognizes the fees of real estate agents. If anyone fails to comply with the rules, the real estate agents can now officially file a complaint against them and fight for their rights.

Impact On Buyers

The addition of clause 15A to the MahaRERA model will have the following impact on the buyers of properties:

• Fixed charge: Thanks to the new clause 15A, buyers can now accurately estimate the cost of purchasing a specific property.

• Transparency: Because of this new addition to the MahaRERA model, there will be transparency between real estate agents and buyers, and both parties will get a fair deal.

• It is not mandatory to include clause 15A in the property sale agreements; buyers have the option to settle the payment of fees by the real estate agents without a formal clause in the agreement.

Impact on Sellers

The addition of clause 15A to the MahaRERA model will have the following impact on the sellers of properties:

• Formal obligation: The introduction of clause 15A serves the role of a formal obligation for the sellers, as they now have to pay the real estate agent’s fees without any delay.

• Accountability: The addition of clause 15A would help create an accountability relationship between the sellers and the real estate agents.

Conclusion

The new addition of a clause to the MahaRERA model is a commendable step that formalizes the work of real estate agents and provides them with an official authority to refer to in case of any disputes.

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